Medical Billing Companies
When it comes to comparing medical billing companies, you have to know the services that they specialize in.At the most elementary level, medical billing companies process claims for health care services so that health care providers can receive reimbursement for services. A closer look at the medical billing industry will reveal that companies run the gamut from a solo operations to overseas corporations.
Medical Billing Companies: More than Just Claims Processing
Some companies such as MedEx Billing specialize in ambulance billing services while others such as Doctor's Little Helper specialize in mental health billing services. A major player in the medical billing business is Vision Healthsource which has 134 locations world-wide and offers everything from complete medical billing services to consultations to health care providers who are concerned with becoming more effective and efficient on every level of administration. A distinct advantage to using a medical billing company is that the health care provider can concentrate on patient care and not be burdened with keeping up on the ever changing environment of medical coding and billing as well as the regulations on this industry. Most medical billing companies promote that they will increase revenues for health providers through timely, accurate claims processing. Other ways of increasing revenue include pursuit of denied claims and implementing a collections process. Some companies such as Vision Healthsource show cost savings through the use of outsourced work to countries such as India where billing services can be secured at lower rates than the U.S. Vision Healthsource estimates that payroll can be reduced by 40-60% through outsourcing of medical billing services.
As a closing thought consider this formula : If you bill $600,000 in services but lose 5% of those claims due to denials, non-payment or inaccurate billing then you might be losing up to $30,000 in revenues. Now ask yourself : Would you rather have to work longer hours to make up this lost revenue by providing more services or would you rather maximize your return on your current business?
Spending the money on services of medical billing companies might not only boost your current earnings but be the best long-term investment you could make in your health care business.